Triple Net Property For Sale


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triple net property for sale in Rome, GA

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Triple Net Property For Sale

  1. 1. NET LEASED INVESTMENT OFFERING Kangaroo Express (NASDAQ: PTRY) 4818 Alabama Highway Rome, GA 30165
  2. 2. TABLE OF CONTENTS NET LEASED INVESTMENT OFFERING TABLE OF CONTENTS 1) Confidentiality & Disclaimer 2) Executive Summary 3) Property Overview 4) Site Plan 5) Maps 6) Tenant Profile 7) Demographic Comparison Report 8) Location Overview 9) Contact Information
  3. 3. CONFIDENTITALITY & DISCLAIMER NET LEASED INVESTMENT OFFERING CONFIDENTIALITY & DISCLAIMER The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from The Boulder Group and should not be made available to any other person or entity without the written consent of The Boulder Group. This Offering Memorandum has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. The Boulder Group has not made any investigation, and makes no warranty or representation. The information contained in this Offering Memorandum has been obtained from sources we believe to be reliable; however, The Boulder Group has not verified, and will not verify, any of the information contained herein, nor has The Boulder Group conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
  4. 4. EXECUTIVE SUMMARY NET LEASED INVESTMENT OFFERING EXECUTIVE SUMMARY The Boulder Group is pleased to exclusively market for sale a single tenant corporately guaranteed Kangaroo Express property located in Rome, Georgia. Rome is located near the Atlanta MSA, approximately 65 miles northwest of downtown Atlanta. The subject property has ten years remaining on the original twenty year lease with rental escalations every five years. Kangaroo Express is the primary operating banner of The Pantry, a publicly traded company (NASDAQ: PTRY) that is the largest independently operated convenience store chain in the southeastern United States. The Kangaroo Express property is located along Alabama Highway, a main east-west thoroughfare in the area. The property is located in the immediate proximity of Coosa High School (700+ students) and across the street from a Dollar General. Rome is the largest city and the county seat of Floyd County and the Rome metropolitan area is the largest in Northwest Georgia. Rome is the North American headquarters of Pirelli Tires and is also well known in the region for its medical facilities, particularly Floyd Medical Center, Redmond Regional Medical Center, and the Harbin Clinic. The original lease term is for twenty years and the lease expires in October 2023. The current rent increases November, 2018 by the lesser of one and one-half (1.5) times the increase in the Consumer Price Index (CPI) over the five year period or six and one-half percent (6.5%). There are six five-year renewal periods with 6.5% increases in each renewal period. The lease has a corporate guarantee from The Pantry Inc. The Pantry is a convenience store chain with over 1,650 locations, primarily in the southeast. INVESTMENT HIGHLIGHTS • Long term lease with ten years remaining • Corporately guaranteed lease by a publicly traded company (NASDAQ: PTRY) • Rental escalation in the primary term • No landlord responsibilities • Positioned along a primary east-west thoroughfare in the area • The Pantry is a dominant convenience store chain in the Southeast
  5. 5. PROPERTY OVERVIEW NET LEASED INVESTMENT OFFERING PROPERTY OVERVIEW Price: $985,429 Cap Rate: 7.00% Net Operating Income: $68,980 Rental Escalations: Every 5 Years (Lesser of CPI x 1.5 or 6.5%) Renewal Options: Six 5-Year Lease Commencement Date: October 16, 2003 Lease Expiration Date: October 31, 2023 Tenant: The Pantry (NASDAQ: PTRY) (DBA: Kangaroo Express) Year Built: 1982 Landlord Obligations: None Rentable Square Feet: 2,450 Land Size: 25,787 SF
  8. 8. TENANT PROFILE NET LEASED INVESTMENT OFFERING TENANT PROFILE The Pantry, Inc. operates a chain of convenience stores in the southeastern United States. The company’s stores provides merchandise products, including food, beverages, non-food merchandise, and various services; and fuel, and ancillary products and services. It operates 1,655 stores in 13 states under the Kangaroo Express banner; and 218 foodservice and quick service restaurants. The company was founded in 1967 and is headquartered in Cary, North Carolina. Kangaroo express is the primary operating banner of The Pantry, operating over 1,500 stores in 13 states throughout the southeast. Kangaroo Express is committed to providing fast, friendly service in convenient and clean locations. Website: Number of Locations: Number of Employees: Market Capitalization: 2012 Total Revenue: 1,655 5,955 $280 million $1.8 billion
  9. 9. DEMOGRAPHIC COMPARISON REPORT NET LEASED INVESTMENT OFFERING DEMOGRAPHIC COMPARISON REPORT Population Total Population Total Households 5-mi 10-mi 15-mi 14,833 5,598 61,264 22,890 104,709 39,228 $46,010 $57,858 $35,243 $50,611 $38,551 $52,916 Income Median Household Income Average Household Income
  10. 10. LOCATION OVERVIEW NET LEASED INVESTMENT OFFERING LOCATION OVERVIEW Rome is located in the foothills of the Appalachian Mountains and is the largest city in and the county seat of Floyd County, Georgia. The city of Rome has a population of 36,303 and the Rome MSA has a population of 96,250, making it the largest in Northwest Georgia. It is the second largest city and near the center of the triangular area defined by the interstate highways between Atlanta, Birmingham, and Chattanooga, which contributes to its importance as a regional center in several areas, such as medical care and education. Rome has long had the strength of economic diversity, founded in manufacturing, education, healthcare, technology, and tourism. National companies that are part of Rome’s technology industry include Brugg Cable and Telecom, Suzuki Manufacturing of America, automobile parts makers Neaton Rome, F&P Georgia, Peach State Labs, and the North American headquarters of Pirelli Tires.
  11. 11. CONTACT INFORMATION NET LEASED INVESTMENT OFFERING CONTACT INFORMATION 666 Dundee Road, Suite 1801 Northbrook, IL 60062 Randy Blankstein President 847.562.0003 Jimmy Goodman Partner 847.562.8500